Investors are keeping a close eye on DOGE, SUI, PEPE, and FTM as Bitcoin remains steady around the $100,000 mark. This stability in Bitcoin's price range is allowing traders to carefully consider their options with these alternative cryptocurrencies.
The price of Bitcoin is currently facing resistance at the $100,000 level as buyers and sellers struggle for control. According to CryptoQuant contributor Percival, Bitcoin's strength on a weekly basis is weakening, indicating a possible period of consolidation in the near future.
Despite short-term uncertainty and fluctuating prices, analysts maintain a positive outlook on Bitcoin in the long term. Quinten François, co-founder of WeRate, believes that Bitcoin is currently in a phase of excitement that could continue for up to a year before reaching a peak in its cycle.
Daily overview of cryptocurrency market data. Data source: Coin360.
The price of various alternative cryptocurrencies has increased following Donald Trump's win in the United States presidential election, in addition to the rise in Bitcoin value. Despite this, Felix Hartmann, a managing partner at Hartmann Capital, warned in a post on X that venture capitalists and cryptocurrency teams may start selling off their altcoins to make profits, potentially causing a significant drop in prices.
Can alternative cryptocurrencies continue to perform better in the short term if Bitcoin goes through a period of stabilization? Let's examine the top 5 cryptocurrencies that have a solid chart setup.
Analysis of Bitcoin's Price
Bitcoin is encountering obstacles around the important milestone of $100,000, but those who support its value are not quickly selling off their holdings.
The daily chart for the BTC/USDT pair can be found on Cointelegraph/TradingView.
When the price of Bitcoin consolidates around $100,000, it indicates a potential for a significant increase in value. If buyers are able to push the price above $104,088, it could lead to a strong upward trend, with the possibility of the BTC/USDT pair reaching $113,331 and potentially even $125,000.
It is important to keep an eye on the 20-day exponential moving average at $95,285 as a key support level in the near future. If this level is breached, it could indicate that buyers are quickly selling off their assets for profit. The price may then drop to $90,000 and potentially even further down to the 50-day simple moving average at $84,110.
The 4-hour chart for the BTC/USDT pair can be found from Cointelegraph/TradingView.
The couple has been trading above the moving averages, suggesting a slight advantage for the buyers. It is anticipated that the upward movement will encounter strong resistance between $101,900 and $104,088. If the pair manages to break above this zone, it could potentially reach $113,331.
However, if the moving averages are broken and closed below, it may entice short-term bullish investors to take their profits. This could cause the price to drop to $90,000, which could then attract buyers looking for a good deal. If the price bounces back from $90,000 and surpasses the moving averages, it could indicate a period of price stability. During this time, the pair may fluctuate between $90,000 and $104,088.
Analysis of Dogecoin's price
Dogecoin (DOGE) has been increasing within a pattern known as an ascending channel, suggesting that buyers are currently in control.
Daily chart of the DOGE/USDT trading pair, sourced from Cointelegraph/TradingView.
The buyers attempted to increase the price above the level of resistance at $0.48, but the sellers stood firm. If the price rises from its current position or the 20-day Exponential Moving Average of $0.41, the buyers will once more attempt to push the DOGE/USDT pair towards the upper boundary of the trading channel. The sellers are likely to put up a strong defense at this boundary, as a breakthrough could send the pair soaring to $0.60.
Bears will need to push the price below the support line of the channel in order to prevent an increase. If this happens, the pair could drop to the 50-day SMA value of $0.30.
4-hour chart of the DOGE/USDT pair. Image source: Cointelegraph/TradingView.
The duo is receiving assistance from the 20-EMA, suggesting a favorable outlook. The buyers will once more attempt to surpass the obstacle at $0.48. If successful, the duo could climb to the resistance line of the channel. However, if the price sharply declines from the resistance line and falls below the 20-EMA, it indicates that the duo may continue trading within the channel for a while longer.
On the other hand, if the price breaks above the resistance line and closes above it, it indicates that the next upward movement towards $0.60 has begun.
Analysis of Sui's price
Sui (SUI) is encountering a barrier around $4.50, but the buyers are holding their ground against the sellers. This indicates that the buyers are expecting the upward trend to persist.
The daily chart for the SUI/USDT trading pair can be seen in the Cointelegraph/TradingView source.
The SUI/USDT pair may decrease to $3.94 and then to the 20-day EMA at $3.66. If the price bounces back from the 20-day EMA, the buyers will attempt to surpass the resistance at $4.50. If successful, the pair could continue its upward trend towards $5.31.
One small issue to note is the emerging negative divergence on the RSI indicator. If the price drops below the 20-day Exponential Moving Average, it could indicate that buyers are starting to sell off their holdings. This could potentially cause the pair to fall towards the 50-day Simple Moving Average, which is currently at $2.93.
Chart depicting the price movement of the SUI/USDT pair over a 4-hour period. The source of the chart is Cointelegraph
If the bulls are unable to push the price above $4.50, there may be a decrease in price to $4. It is crucial to monitor this key support level, as a significant rebound from it could raise the chances of a price surge above $4.50.
On the other hand, if the price falls below $4 and remains there, it could indicate that sellers are gaining control of the market. In that case, the pair could drop to the 50-SMA level. If this level is broken, the pair could potentially drop further to $3.
Similar: Here is a summary of the events in the cryptocurrency world today.
Analysis of Pepe's price
Pepe (PEPE) has reached a resistance level of $0.000027, where buyers and sellers may compete to determine who will have control.
The daily chart for the PEPE/USDT pair is shown here. This data is sourced from Cointelegraph and displayed on Trading
The 20-day Exponential Moving Average (EMA) at $0.000021 is showing an upward trend, while the Relative Strength Index (RSI) is in the overbought territory, suggesting an advantage for buyers. If the bulls can keep the price above $0.000027, there is potential for the PEPE/USDT pair to rise to $0.000035 and possibly reach $0.000044.
Despite the initial belief, if the price decreases from $0.000027, it indicates that the sellers are strongly protecting that level. This could lead to a drop in the pair's value to the 20-day Exponential Moving Average. In order to take control, sellers will need to push the price below the 20-day EMA.
Chart showing the 4-hour price movement of the cryptocurrency pair PEPE/USDT. The chart was sourced from Cointelegraph and displayed on Trading
After the bears pushed the price down below $0.000024, the bulls stepped in to buy at the 20-EMA level. The bulls are currently attempting to drive the price back up above $0.000027. If successful, the price could potentially rise to $0.000035.
The bears are running out of time to regain control. To turn the situation around, they need to quickly lower the price below the moving averages. This could lead to a drop towards the significant support level around $0.000017.
Analysis of Fantom's price movement
On December 2nd, Fantom (FTM) surpassed the $1.23 resistance level and buyers prevented the price from dropping below this level despite attempts by sellers. This indicates strong interest from buyers during price dips.
Daily chart of the FTM/USDT pair. Image source: Cointelegraph/TradingView.
The 20-day Exponential Moving Average (EMA) is increasing at $1.09 and the Relative Strength Index (RSI) shows that buyers are in control as it is in the overbought zone. The bullish investors will aim to increase the price towards $1.68, which is expected to be a strong resistance level. Nevertheless, if buyers manage to surpass $1.68, the upward momentum could continue towards $2.
One important level to keep an eye on for potential downside movement is $1.23. If the price breaks and closes below this level, it could indicate a weakening of the bullish trend. In that scenario, the FTM/USDT pair might drop towards the 20-day EMA.
Chart showing the 4-hour performance of FTM against USDT. Source: Cointelegraph/TradingView.
The duo has consistently rebounded from the 20-EMA, showing strong purchasing activity during any small declines. If buyers push the price above $1.39, the pair may continue its upward trend towards the next target of $1.68.
On the other hand, if the price significantly decreases from $1.39 and falls below the 20-EMA, it indicates that sellers are influencing the market at higher prices. This could lead to a drop in the pair's value to the 50-SMA. If the price falls below the 50-SMA, it may give the bears a temporary advantage.
The information provided in this article is not intended as financial advice or recommendations for investing. It is important to remember that all investments and trades come with a level of risk, so individuals should thoroughly research and consider their options before making